Technical Analysis of BTC/USD for September 3, 2020

Crypto Industry News:

The Vienna stock exchange, or Wiener Borse, has only become the third "official regulated stock exchange" in the world to list a product in the form of Bitcoin.

Thomas Rainer, head of the exchange's development, emphasized that listing allows "seasoned local investors" access to the benefits that the exchange can offer cryptocurrency traders, including "monitored, regulated and transparent real-time information trading and secure settlement through its permanent traders." brokers ".

21Shares CEO Hany Rashwan emphasized that the Wiener Borse quotation means Bitcoin ETP is now available for all three "DACH" countries, namely Germany, Austria and Switzerland:

"We are pleased to announce that Bitcoin is now available everywhere for both retail and institutional investors throughout the DACH region. Except for the DACH region, no other jurisdiction in the world provides such comprehensive and broad access to Bitcoin."

In July, 21Shares's Ethereum and Bitcoin ETP were also admitted to listing on the Deutsche Boerse XETRA reference market, where over 90% of German equities and around 30% of European ETFs are traded. In less than two years of operation, 21Shares has acquired over $ 100 million in assets under its management.

Another impetus for the institutional adoption of cryptocurrency is the Singapore Exchange (SGX), which announced that, in collaboration with the British crypto data company CryptoCompare, it will provide price indices for Bitcoin and Ethereum.

Technical Market Outlook:

The BTC/USD pair had reversed from technical resistance seen at the level of $12,004 and is currently approaching the key short-term demand zone located between the levels of $11,062 - $11,220. Any violation of this zone will be a bearish signal in the near term for Bitcoin. On the other hand, the key supply zone is still located between the levels of $12,269 - $12,429 and only a clear breakout through this zone will be seen at an end of the corrective cycle. The weekly time frame trend remains up.

Weekly Pivot Points:

WR3 - $12,658

WR2 - $12,221

WR1 - $11,935

Weekly Pivot - $11,435

WS1 - $11,232

WS2 - $10,778

WS3 - $10,510

Trading Recommendations:

The weekly trend on the BTC/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. All the dynamic correction are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $13,712. The key mid-term technical support is seen at the level of $10,463.

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